On Sunday, in WEEKLY COMMERCIAL PAPER REPORT FAILS TO SHOW ANY MEANINGFUL RECOVERY, I showed you how the Commercial Paper discounting market likely has hit bottom. And in spite of the political rhetoric flowing from the White House and the operatives sympathetic to the political establishment, heretofore that has not been any meaningful recovery of the economy of the USA.

I've come across quite a bit of hype about corporate indebtedness. The near-ZIRP policy pursued by the Federal Reserve first under Ben Bernanke and now Janet Yellen supposedly has led to an increase in corporate indebtedness. Reject the hype.

As you can see above, corporate indebtedness hit a peak way back in Q4 2002. Since then, corporate indebtedness has fallsen -30.8%.

Commercial Paper reveals the much lower state of trade in the economy.